Frugal Lifestyle Guide 1

How to Save Money Short Term

We’re all guilty of spending money we don’t really have. Or at the very least money we shouldn’t really spend.  Start by re-examining your budget. Most of us live up to our means.Which means we think of our income as the amount we earn which is why it’s so hard to spend money. If you were to pretend your income was $50 less than that then you would only spend up to that amount, saving you $50 or giving you $50 extra.

Want vs Need

The easiest exercise to stop yourself spending unnecessarily is to ask yourself each time you shop and find yourself deciding on an item whether you need it or just want it. A “need” is something essential, without it you will face hardship or pain. Food, for example, is a need. A “want” is something that isn’t essential, even if you feel it is, but you will be able to live without it. You may feel you “need” that new pair of jeans to be stylish this year, however you likely have 5 or 6 pairs already which aren’t worn through. You will not freeze to death because you have no jeans which makes them a want rather than a need. Cut down on your wants and try only to buy things you need as much as possible.

Shop Properly

Many people don’t know how to price shop. When I grocery shop I end up going to 2-3 different stores. I make sure I time these trips with other errands so I’m not wasting gas. Each store has different items cheap or on sale depending on the day. By doing this I know I’m saving money even if it takes me a little longer to do it. I also buy generic rather than brand, often manufacturers produce extra products and license them to stores by slapping a “store brand” label on. The product is the same, but the generic packaging means you’re saving money.

Use Your Cards

It seems counter productive to save money by using credit cards, but actually it can be really smart. Many cards offer 0% financing for X months. By transferring existing balances you can save the interest you’re paying, and still pay the principal down. Similarly, many cards have rewards programs you can take advantage of like cash back and points which you can redeem for cash. Take a look at your cards, and consider transferring and shopping around to save yourself some on your card bills.


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